Javier Diez de Polanco, head of film and TV at Spanish media group Prisa, has left the company.
De Polanco, who also chief executive of Prisa-owend broadcaster Sogecable, will be replaced by Pedro Garcia Guillen, general manager of Prisa-owned daily newspaper El Pais.
His departure follows disappointing first quarter results for Sogecable, which saw revenue drop 10% to $608m (€456m) and operating profits fall by 88% to $43.6m (€327m).
Over recent months, Sogecable has reduced its film interests and its film sales division, Sogepaq, will not be attending Cannes for the first time in several years. It was formerly a big hitter in local film and handled the sales for Alejandro Amenabar’s The Sea Inside and Julio Medem’s Sex And Lucia. The last film it promoted was Jose Luis Cuerda’s The Blind Sunflowers.
Prisa, however, has maintained its film and television interests through its audiovisual production company, Plural Entertainment, which has just acquired full control of Tesela Producciones, a leading local film production company. As reported in ScreenDaily, the company already owned an 80% stake and has now acquired the remaing 20% for an undisclosed sum.